Rio Tinto Raises 2010 Capex Forecast To At Least US$5 Billion
October 30 2009 - 3:54AM
Dow Jones News
Rio Tinto Ltd. (RIO.AU) said Friday that it has increased its
capital expenditure estimate for 2010 to at least US$5 billion,
with the potential to rise to US$6 billion, from a previous
estimate of around US$2.5 billion.
The diversified miner also reiterated its 2009 capital
expenditure target of about US$5 billion and said its net debt at
Sept. 30 was US$22.3 billion, down 42% since Dec. 31, 2008.
Chief Executive Tom Albanese said the company will continue its
program of cost reduction and debt repayments.
Still, he said Rio Tinto's "renewed strength" will allow it to
focus on "disciplined capital expenditure on premier growth
options" to position it for an expected recovery in demand growth
over the longer term.
-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com